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the 9 Keys to maximizing The Price and Minimising the Stress

They say the three most stressful times in a person's life are when they get married, buy a house and change jobs. Well, try selling a business… It's your b

According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product

aby, the thing you have built over 15 years. You have put your heart, soul and an incalculable number of hours into it. Now you are going to sell it.

There are many things you need to do and consider, but these seven

; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.

Examples of combination products may in

areas are of immense importance when it comes to finding a buyer, selling the business and getting the most value for it.

1. Think about who would want to buy your business

Do you have employees that have the managem

lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.

ent ability and the mindset of an owner and the ability to access capital to pay for the business? If these people aren’t working for you now, do you have time to recruit them and teach them the business with an unders

here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe

tanding that they might take over?

What about your suppliers, customers or competitors? They might be looking for an opportunity to enter your part of the industry.

Finally, you can go to the general market. Contact

d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.

Combination pro

a broker that has experience in your type of business or advertise it yourself through the classifieds.

2. Remove Yourself from the Business

Many businesses are based around the owner. Customers are used to dealing w

ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc

ith you. Suppliers have long relationships with you. Your team trusts you. All these relationships need to be transferred to your other staff or the new owner. Start planning early!

3. Setup the Business as if you a

easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi

re going to Franchise it.

Who wants to buy a business that relies solely upon the current owner - the person who wants to sell and walk away from the business? A well-systematised business is attractive to prospective

nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically

buyers who see the potential to own a business that runs smoothly using systems and, importantly, can run without their personal input. A business that can be run under management attracts a premium price when it come

and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ

s time to sell.

4. Lock in your Senior Staff – The most Important People in the Business

If your senior staff aren’t in a position to be buying the business, you need to lock them in some way. Best thing to do is tal

ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi

to them and keep them fully informed. Keep them up-to-date with developments in the sale process and make sure they understand where they will fit in after a successful sale. Consider introducing bonuses contingent o

ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.

Following aspects would a

n a successful sale.

6. The Customer Database - Your Pot of Gold

This is what will add value to your sale price. Think about it from the buyer’s perspective, they are buying a business that with the hope that the cus

dd to the challenges in developing combination products:

Which markets to tap where the combination products can do fairly well?
Which combination prod

tomers continue to deal with them. By developing a detailed database of your customers you will be giving them more confidence that they can manage the client relationships after you have gone.

7. Formalise Everything

cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin

– Agreements

Get all loose agreement in writing. Start with your employment agreements. Develop up-to-date agreements that lay out the terms and conditions under which your staff are employed. Put agreements in pla

tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen

ce with your suppliers and customers as well. These should include trading terms, pricing contracts and any other ‘verbal’ arrangements.

8. Ensure you have the Best Looking Financials

You should aim to be able to sho

t?

As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel

three years of constant growth, with healthy-looking financials. Clean up any personal items that could be questionable as business expenses – this will improve your profit figures. Clear up all outstanding debtors –

ping new procedures for reviewing their safety, efficacy and quality.

Professional from academic institutions, pharmaceutical industries, health care indust

this will improve your cashflow figures. Reduce any excessive spending and make the business look as profitable and attractive as possible.

9. Get a Business Coach to give you an Outsiders Perspective

Clients often

y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products

come to me looking for someone outside the business to assist them with the eight steps above. They are GREAT business managers, but may never have been through the business sale process before. An experienced busines

.

As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de

s coach will not only provide you with advice to keep you on the right track, but also the motivation and confidence to see the project through.

Many people wake up one day, fed up with their business and then hurriedl

elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.

Companies that provide selfless information through particip

y attempt to sell it. This doesn’t work. Plan it two to five years in advance so that you get the best outcome. Follow the nine steps above and you will be rewarded for the many years you spent building your business

tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products

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If you're starting or running your own house cleaning business, then you must know what the dirty little secret is and how to handle it for your success.

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E-Folder - Selling Your Business - The Hardest Sale You Will Ever Make & 9 Keys to Making It Count

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